Florida Small Business Emergency Bridge Loan COVID-19

Posted By Pedro Gonzalez, CPA on Mar 25, 2020 |


Yesterday we shared the basics of the SBA Disaster Loans. Today we share information about the Florida Small Business Emergency Bridge Loan. Last week we posted How to Overcome the Impending Economic Downturn, a Guide for Business Owners. If you haven’t read it yet, I recommend that you do it today.

Emergency Bridge Loan

The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19. These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.

APPLICATION PERIOD 
Applications will be accepted under this program through May, 8, 2020, contingent on availability of funds.

ELIGIBILITY
Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the designated disaster. Qualified small business applicants must be a business with 2 to 100 employees.

TERM
1 year.

LIMITATION
Only one loan may be made per eligible business. All previous bridge loans received must be paid in full.

Interest Rate
Loans will be interest-free for the loan term (1 year). The Interest rate will be 12% per annum on the unpaid balance thereafter, until the loan balance is repaid in full. Loan default is subject to a normal commercial collection process.  

Here is link where small business owners can go and apply for the loan

http://floridajobs.org/rebuildflorida/businessrecovery

 

We are currently assisting many of our clients with the application preparation process. Many small business owners may be overwhelmed with the challenges of the current situation. If anyone needs assistance with the application process and gathering all of the financial information and demonstrating the loss due to the Covid-19, we are here to assist them. Time is of the essence since this type of funding is based on available funds, first come-first served. Also, complete applications with all required documentations is critical to increase the chances of approval.